The S & P 500 last week wrapped up the third quarter, falling more than 5%. It was the third consecutive quarter of declines for the index, marking the longest losing streak since 2008. Stocks and commodities have since broadly rallied in the first days of the fourth quarter . But after yet another troublesome quarter in the books, we thought it would again be helpful to look back and highlight what went right — and wrong — in the three months ended Sept. 30. Here’s a snapshot of the best and worst performers in the Investing Club’s 34-stock portfolio for the third quarter, starting with our four top performers. Top performers Taking the crown was TJX Companies (TJX), with a strong gain of about 11.4% in the third quarter. We didn’t own TJX for the totality of the quarter, but it was still a relative outperformer from the time of our initiation. Since our first buy on Aug. 24 , shares of the off-price retailer fell about 3.6%, versus a 13.4% slide in the S & P 500. We used that decline to scale deeper into our TJX position a few times. The retail sector is going through an apparel inventory glut right now and is frantically working to right-size positions through heavy markdowns, liquidations, and by cancelling orders. This has created a unique moment for off-price chains, including TJX’s flagship chain TJ Maxx, as it gives them an opportunity to pick up all sorts of quality merchandise for next to nothing. At the same time, gasoline prices in the U.S. hit a high in June before falling nearly every day in the third quarter. This much needed relief at the pump added support to consumer stocks, with the thought being that people would have a little more breathing room in their discretionary budgets than when gasoline averaged $5 a gallon. The runner up was Wynn Resorts (WYNN), which climbed 10.6% higher in the quarter. Shares of this casino operator made a big push near the end of the quarter, after it was announced that tour groups from mainland China would be allowed back into gambling hub Macao in November. The news was greeted positively by investors, as it was the first real sign that Beijing was moderating its strict zero-Covid restrictions. Starbucks (SBUX) came in third place, jumping 10.3% over the quarter. Like TJX, we didn’t own SBUX for the full quarter, but it was also a relative outperformer from our first buy. We initiated a position in the coffee retailer on Aug. 22, and shares fell less than 1%, compared to a 13.3% drop in the S & P 500 for the rest of the quarter. The stock was a steady riser throughout the quarter thanks to a great earnings report, in which the company topped expectations on every line and issued better than expected guidance for the next quarter. But the real catalyst in the quarter was the company’s mid-September investor event, where management outlined its reinvention plan and provided medium-term financial targets . The event was nearly universally praised by Wall Street . Fourth was Devon Energy (DVN), which gained 9.1% in the quarter and was the top performing energy stock in our portfolio. The solid gains in Devon came despite a subdued period for energy stocks, weighed down by falling crude prices. West Texas Intermediate (WTI) – the U.S. oil benchmark – dropped to around $80 a barrel by the end of September, falling more than 17% since the start of the quarter. One thing that separated Devon from other U.S.-based oil-and-gas producers was its deal-making. The company announced another immediately accretive bolt-on transaction in the quarter, this time purchasing Validus Energy, an Eagle Ford operator, for a total cash consideration of $1.8 billion. Devon announced the purchase of RimRock Oil & Gas, for $865 million, in the second quarter. What stood out about the Validus deal was that Devon said the outlook for its variable dividend increased by up to 10% on a per-share basis at strip pricing. The incremental cash flow also provided more firepower to execute on its share repurchase program. Looking back at our second quarter’s top performers , they were filled with health-care and consumer staple stocks — companies with very little economic sensitivity that can grow in a slowdown. This time it was quite different, with discretionary stocks leading the pack and an oil company in fourth. If anything, this goes to show the difficulty of predicting what sector or group of stocks will outperform from one quarter to the next. It’s why we always strive to stay diversified and invest in high-quality companies across different industries. Worst performers The worst performer for the club was Halliburton (HAL), which fell 21.5% in the third quarter. Shares slumped as WTI plummeted. As an oilfield services company that makes its money when oil-and-gas exploration companies increase spending on drilling, the decline in the price of crude oil made public and private drillers less incentivized to increase capacity. The weak performance came despite a better-than-expected second quarter earnings report and commentary that still has us encouraged about expanding margins in the new upcycle. Second from the bottom was Nvidia (NVDA), which declined about 19.9% amid the continued rout in semiconductor stocks. It was another tough quarter, as the chip maker pre-announced disappointing second-quarter results — for the three months ending July 31 — in early August due to the gaming chip glut. But, of course, the issues facing the gaming market are expected to take multiple quarters to fix, leading management to provide a much weaker view for its fiscal third quarter, which ends Oct. 31, than what was anticipated. And to add insult to injury, the U.S. government announced restrictions on the sale of Nvidia’s artificial intelligence graphics processing units (GPU) to Chinese customers with military end markets. The company said this restriction put up to $400 million of revenue at risk for the fiscal third quarter. Despite the numerous headwinds, Nvidia’s leadership in its data center business is unrivaled, and the launch of its new gaming chip could be what is needed to restart the gaming cycle. Bausch Health Companies (BHC) was our third worst performing stock, falling about 17.6%. Shares of this specialty pharmaceutical company were hit hard in late July after a surprise ruling from the U.S. District Court of Delaware invalidated some of the company’s Xifaxan patents. This decision, which is being appealed by Bausch, means a generic Xifaxan, which treats irritable bowel syndrome, could enter the market in 2025. Xifaxan is one of the most important franchises at legacy Bausch Health. Still, in a bright spot of news, the company in late September completed a debt exchange offer that reduced its total debt load by about $2.5 billion. The fourth worst stock was Advanced Micro Devices (AMD), which declined about 17.1% in the quarter. The chip maker’s quarterly results were met with mixed reviews, as the company reiterated its full year guidance but lowered the outlook for its PC business for the rest of the year. AMD was able to maintain its outlook because strength in its data center and embedded businesses are expected to offset the PC division. Still, broader concerns about the health of the semiconductor industry overpowered the stock in the quarter. Such worries include the U.S. government restricting the sale of artificial intelligence chips to customers in China with military end markets (something AMD said was immaterial to its business) and the sustainability of data center demand. Importantly, we think AMD will continue to gain server market share on competitor Intel for many more years. That’s a big reason why we stick by our small position. Semiconductor stocks remained one of the most difficult corners of the market to invest in, as their lofty valuations — which needed to come down as interest rates rose — and weakening fundamentals have forced investors to debate whether their long-term potential is worth the short-term pain. Of our four semis, NVDA and AMD are repeat offenders on our quarterly underperforming list, but we can take some solace in the fact that we made aggressive sales in both in early April . (Jim Cramer’s Charitable Trust is long TJX, WYNN, SBUX, DVN, HAL, NVDA, BHC, AMD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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The S&P 500 last week wrapped up the third quarter, falling more than 5%. It was the third consecutive quarter of declines for the index, marking the longest losing streak since 2008.
Stocks and commodities have since broadly rallied in the first days of the fourth quarter. But after yet another troublesome quarter in the books, we thought it would again be helpful to look back and highlight what went right — and wrong — in the three months ended Sept. 30.
Here’s a snapshot of the best and worst performers in the Investing Club’s 34-stock portfolio for the third quarter, starting with our four top performers.
The new John Deere Z370RS Electric ZTrak zero turn electric riding mower promises all the power and performance Deere’s customers have come to expect from its quiet, maintenance-free electric offerings – but with an all new twist: removable batteries.
The latest residential ZT electric mower from John Deere features a 42″ AccelDeep mower deck for broad, capable cuts through up to 1.25 acres of lawn per charge, which is about what you’d expect from the current generation of battery-powered Deeres – but this is where the new Z370RS Electric ZTrak comes into its own.
Flip the lid behind the comfortably padded yellow seat and you’ll be greeted by six (6!) 56V ARC Lithium batteries from electric outdoor brand EGO. Those removable batteries can be swapped out of the Z370RS for fresh ones in seconds, getting you back to work in less time than it takes to gravity pour a tank of gas.
When John Deere launched the first Z370R, Peter Johnson wrote that electrifying lawn equipment needs to be a priority, citing EPA data that showed gas-powered lawnmowers making up five percent of the total air pollution in the US (despite covering far less than 5% of the total miles driven on that gas). “Moreover,” he writes, “it takes about 800 million gallons of gasoline each year (with an additional 17 million gallons spilled) to fuel this equipment.”
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Daimler Truck AG CEO Karin Rådström hopped on LinkedIn today and dropped some absolutely wild pro-hydrogen talking points, using words like “emotional” and “inspiring” while making some pretty heady claims about the viability and economics of hydrogen. The rant is doubly embarrassing for another reason: the company’s hydrogen trucks are more than 100 million miles behind Volvo’s electric semis.
UPDATE 22NOV2025: Daimler just delivered five new hydrogen semis for trials.
While it might be hard to imagine why a company as seemingly smart as Daimler Truck AG continues to invest in hydrogen when study after study has shut down its viability as a transport fuel, it makes sense when you consider that the Kuwait Investment Authority (KIA) holds approximately 5% of Daimler and parent company Mercedes’ shares.
That’s not a trivial stake. Indeed, 5% is enough to make KIA one of the few actors with both the access and the motivation to shape conversations about Daimler’s long-term technology bets, and as a major oil-producing country whose economy would undoubtedly take a hit if oil demand plummeted, any future fuel that’s measured molecules instead of electrons isn’t just a concept for the Kuwaiti economy: it’s a lifeline.
In that context, the push to make hydrogen seem like an attractive decarbonization option makes more sense. So, instead of giving Daimler’s hydrogen propaganda team yet another platform to try and convince people that hydrogen might make for a viable transport fuel eventually by giving five Mercedes-Benz GenH2 semi trucks to its customers at Hornbach, Reber Logistik, Teva Germany with its brand ratiopharm, Rhenus, and DHL Supply Chain, I’m just going to re-post Daimler CEO Karin Rådström’s comments from Hydrogen Week.
For some reason – posts about hydrogen always stir up emotions. I think hydrogen (not “instead of” but “in parallel to” electric) plays a role in the decarbonization of heavy duty transport in Europe for three reasons:
If we would go “electric only” we need to get the electric grid to a level where we can build enough charging stations for the 6 million trucks in Europe. It will take many years and be incredibly expensive. A hydrogen infrastructure in parallel will be less expensive and you don’t need a grid connection to build it, putting 2000 H2 stations in Europe is relatively easy.
Europe will rely on import of energy, and it could be transported into Europe from North Africa and Middle East as liquid hydrogen. Better to use that directly as fuel than to make electricity out of it.
Some use cases of our customers are better suited for fuel cells than electric trucks – the fuel cell truck will allow higher payload and longer ranges.
At European Hydrogen Week, I saw firsthand the energy and ambition behind Europe’s net-zero goals. It’s inspiring—but also a wake-up call. We’re not moving fast enough.
What we need:
Large-scale hydrogen production and transport to Europe
A robust refueling network that goes beyond AFIR
And real political support to make it happen – we need smart, efficient regulation that clears the path instead of adding hurdles.
To show what’s possible, we brought our Mercedes-Benz GenH2 to Brussels. From the end of 2026, we’ll deploy a small series of 100 fuel cell trucks to customers.
Let’s build the infrastructure, the momentum, and the partnerships to make zero-emission transport a reality. 🚛 and let’s try to avoid some of the mistakes that we see now while scaling up electric. And let’s stop the debate about “either or”. We need both.
Daimler CEO at European Hydrogen Week; via LinkedIn.
At the risk of sounding “emotional,” Rådström’s claims that building a hydrogen infrastructure in parallel will be less expensive than building an electrical infrastructure, and that “you don’t need a grid connection to build it,” are objectively false.
Next, the claim that, “Europe will rely on import of energy, and it could be transported into Europe from North Africa and Middle East as liquid hydrogen” (emphasis mine), is similarly dubious – especially when faced with the fact that, in 2023, wind and solar already supplied about 27–30% of EU electricity.
Unless, of course, Mercedes’ solid-state batteries don’t work (and she would know more about that than I would, as a mere blogger).
Electrek’s Take
Via Mahle.
As you can imagine, the Karin Rådström post generated quite a few comments at the Electrek watercooler. “Insane to claim that building hydrogen stations would be cheaper than building chargers,” said one fellow writer. “I’m fine with hydrogen for long haul heavy duty, but lying to get us there is idiotic.”
Another comment I liked said, “(Rådström) says that chargers need to be on the grid – you already have a grid, and it’s everywhere!”
At the end of the day, I have to echo the words of one of Mercedes’ storied engineering partners and OEM suppliers, Mahle, whose Chairman, Arnd Franz, who that building out a hydrogen infrastructure won’t be possible without “blue” H made from fossil fuels as recently as last April, and maybe that’s what this is all about: fossil fuel vehicles are where Daimler makes its biggest profits (for now), and muddying the waters and playing up this idea that we’re in some sort of “messy middle” transition makes it just easy enough for a reluctant fleet manager to say, “maybe next time” when it comes to EVs.
We, and the planet, will suffer for such cowardice – but maybe that’s too much malicious intent to ascribe to Ms. Rådström. Maybe this is just a simple “Hanlon’s razor” scenario and there’s nothing much else to read into it.
Let us know what you think of Rådström’s pro-hydrogen comments, and whether or not Daimler’s shareholders should be concerned about the quality of the research behind their CEO’s public posts, in the comments section at the bottom of the page.
SOURCE | IMAGES: Karin Rådström, via LinkedIn.
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Audi embraced its future in China with the launch of a new Chinese market electric sub-brand called AUDI that ditched the iconic “four rings” logo in favor of four capital letters – but one thing this latest concept hasn’t ditched is the brand’s traditionally teutonic long-roof design language.
Co-developed with Audi’s Chinese production partner, SAIC, the all-new AUDI E SUV concept is based on the PPE (Premium Platform Electric) skateboard, and is only the second model introduced by the company’s domestic sub-brand — which was all-new itself just one year ago.
“The AUDI E SUV concept celebrates the new AUDI brand’s first anniversary following the E concept’s debut in Guangzhou (2024),” said Fermín Soneira, CEO of the Audi and SAIC cooperation, at the E SUV’s unveiling. “It showcases an unmistakable AUDI design language that gives the SUV a prestigious, progressive stance — with no compromise between sporty aesthetics and interior roominess or versatility. This concept embodies our vision for premium electric mobility by fusing Audi’s engineering heritage with digital innovation to fulfill our commitment in China.”
As a vehicle, the AUDI E SUV concept promises to handle “like an Audi,” and is powered by a pair of electric motors good for a combined 500 kW (~670 hp), good enough to get the big crossover from 0-100 km/h (62 mph) in about five seconds. Those efficient motors are fed electrons by a 109 kWh battery riding on AUDI’s 800V Advanced Digital Platform system architecture, and can allegedly add 320 km (~200 miles) of range in under 10 minutes at a high-powered DC fast charging station.
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If you’re a fan of self-driving tech, the AUDI 360 Driving Assist System is the AUDI E SUV concept is for you, with features that, “enable a relaxed and safe driving experience – on highways, in dense city traffic, and during assisted parking.”
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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